Spanish socimi Colonial plans the full acquisition of its rival Axiare

Spanish office buildings owner Colonial has now acquired an additional 13.3% from the Spanish socimi Axiare, after having purchased 15% of the company’s shares more than a year ago.

Colonial has also launched a takeover bid for Axiare to acquire the remaining 71.4%, valuing the company at €1.46bn and offering it €18.50 in cash per remaining share.

Colonial expects to close the operation during the first half of 2018, which “would consolidate Colonial as the leading European platform for the prime office market in Paris, Madrid and Barcelona”, the company said in a statement.

Colonial, whose portfolio is made up solely of office buildings, (75% prime and 97% occupied) will reach €10bn in asset value through the acquisition.

Colonial’s chairman Juan José Brugera said: “We recognize in Axiare an excellent track-record in value generation carried out by its management team, fully coinciding with the strategy and market focus that Colonial has maintained and is expected to maintain in the coming years. There are many synergies arising from this transaction, which predispose us to create a core product that addresses the growth on demand, maximising value return to our shareholders.”

 

ABOUT THE AUTHOR
Eugenia Jimenez
Eugenia Jiménez speaks Spanish and is Iberia Correspondent for Investment Europe covering Spain & Portugal, as well as assisting with coverage of Italy. She holds a UK NCTJ- accredited Multimedia News Reporting course and studied Journalism at the University of Sevilla. She has worked for local media organisations in Sevilla and Málaga, mainly in broadcasting as a news reporter, among other roles. She has also worked for a local newspaper in Sevilla, reporting on current affairs, local government and culture.

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